Overview

• President Trump said the new tariff and export controls will take effect on November 1, 2025, or earlier depending on Chinese actions.
• He announced on Truth Social that the U.S. will add controls on “any and all critical software” alongside the tariff increase.
• China this week reinforced export controls on rare‑earth elements and related technologies, a supply chain area where it holds dominant processing capacity.
• Trump said he sees no reason to meet Xi at the APEC summit in South Korea, and reports note Beijing had not publicly confirmed the meeting.
• Markets fell on the announcements, and media estimates suggest combined U.S. duties could approach about 130% given existing tariffs, with formal implementation steps still pending.